Or El Salvador has other international bonds; you can buy them. One of them is a $500 million U.S. dollar bond issued in 2002 and maturing in April 2032, around the same time as the Volcano Bonds.1 It has a coupon of 8.25% per year. It is listed on the Luxembourg Stock Exchange

This is market segmentation by slapping a cool name — “Volcano Bond” — on a bond that is strictly worse than a readily available alternative. This is market segmentation by combining a normal thing with (1) crypto and (2) a huge markup, and then marketing it to crypto people who want to pay the huge markup not to buy crypto (they can just buy crypto!) but to buy into a crypto adventure.